Exercise 3 A corporation reports the following year-end balance sheet data. The company's acid-test ratio equals: Cash Accounts receivable Inventory Equipment Total assets $ 40,000 Current liabilities 55,000 Long-term liabilities 60,000 Common stock 145,000 Retained earnings $ 300,000 Total liabilities and equity $ 75.000 35 000 100.000 90.000 $ 300,000 a) 0.58 b) 1.27 c) 2.07 d) 0.37 e) 0.63